07/28/2025
Spot scams while getting out of debt
FTC
Having a lot of debt can be stressful at any age. But if you’re retired or about to live on a fixed income, paying off debt can sometimes be more challenging. As you explore your options, know that scammers might promise to take away your debt — for a fee. If you pay them before they help you, you’ll likely lose money instead of getting a fresh start. So, what’s the best way to pay down debt while avoiding scams?
- Take a look at your household budget. Use this worksheet to help you get organized.
- Call companies you owe money to, before a debt collector gets involved. Explain why you’re having trouble paying and ask for a payment plan. Some companies might agree to accept less than what you owe.
- Consider a credit counselor or credit counseling agency if you need help. A good credit counselor will help you make a budget and repayment plan that works for you.
To avoid debt relief scams:
More Info